Bitcoin (BTC-USD) approached its all-time high of over $73,000, trading above $72,400 (￡55,765) on Thursday, with a weekly gain of over 8%. This price rally follows record-breaking inflows into BlackRock’s iShares Bitcoin Trust (IBIT) spot ETF.

On Wednesday, BlackRock (BLK) recorded its largest daily spot exchange-traded fund (ETF) inflow to date, totalling $872m, according to Sosovalue data. This surpassed the previous IBIT record of $849m, set on 12 March.

Spot bitcoin ETFs are investment funds that allow people to buy shares representing actual bitcoin held in custody, making it easier for investors to gain exposure to bitcoin without needing to buy and store the cryptocurrency themselves.

Wednesday's inflows bring the cumulative assets under management (AUM) for spot bitcoin ETFs in the US to approximately $72.46bn, a new milestone, with BlackRock’s IBIT alone accounting for over $30bn.

Read more: Crypto live prices

Other US-based bitcoin ETFs also saw inflows, with Fidelity’s FBTC gaining $12.57m in new investments, while Ark Invest and 21Shares’ ARKB, VanEck’s HODL, and Invesco’s BTCO each attracted under $8m. In contrast, Bitwise’s BITB reported a net outflow of $23.89m, and Grayscale’s GBTC had no change in its holdings.

Bitcoin rallying on anticipation surrounding US election

The recent bitcoin price surge and increased ETF inflows are likely driven by fresh monetary easing cycles across major economies and renewed interest in crypto from institutional investors, according to a recent report from QCP Capital.

Analysts at QCP Capital said: 'Bitcoin’s price action has been remarkable, surging over 8% in recent days. Robust spot ETF inflows, combined with a favorable macro environment, have provided strong support for bitcoin.”

QCP Capital also highlighted the potential impact of the upcoming US presidential election. “With swing states like Nevada and Pennsylvania potentially tipping the scales, crypto-friendly candidate Donald Trump appears to be gaining ground in the polls.

“The conclusion of the election next week will likely influence market sentiment and could affect the so-called 'Trump Trade' surrounding bitcoin and other crypto assets.”

Bitcoin is often seen as a "Trump trade" due to Republican presidential nominee's favourable stance on digital assets during his campaign.

Polls indicate a tightly contested race against vice president Kamala Harris, the Democratic candidate.

Read more: Bitcoin investors eye rally if Trump beats Harris in US election

This week also brings macroeconomic data such as the US Non-Farm Payroll (NFP) report, which analysts expect to show 110,000 jobs added — roughly half of last month’s figure. As the last major data release before next Friday’s Federal Reserve meeting, the report is expected to solidify market expectations of an interest rate cut.